![]() ![]() A closer look shoes that the next-month contract was trading at a notable premium to the front month contract. The other catalyst for Bitcoin is in the futures market. The two yields rose above 5% a few weeks ago. The 10-year bond yield dropped to 4.33% while the 30-year has moved to 4.55%. The average gasoline price has moved to $3.20.Īll this explains why American bond yields have retreated this month. Brent has fallen to $80.60 while West Texas Intermediate (WTI) moved to $76.50. There are signs that inflation has continued falling, helped by lower crude oil prices. Economic data by the Bureau of Labor Statistics (BLS) shows that the headline Consumer Price Index (CPI) to 3.2% in October.Ĭore inflation also fell to 4.0% during the month. The view of rate cuts in 2024 has been supported by the recent trends in inflation. If this happens, it will be a major reversal now that the bank has hiked rates from zero to about 5.50%. Most analysts believe that he will cut rates by 0.25% by June. In his statement, he sounded optimistic that the bank was successful in engineering a soft landing.Īs a result, he expects that the Fed will likely start cutting interest rates in 2024. The main catalyst for the BTC/USD pair was a statement by Christopher Waller, one of the most hawkish Fed officials. It was trading at 38,400, much higher than the year-to-date low of 15,296. The BTC/USD pair has risen in the past seven straight weeks, outperforming key assets like stocks and commodities. ![]() Buy the BTC/USD pair and set a take-profit at 40,000.īitcoin price continued its bullish trend as it reached its highest point since May 2022, helped by the dovish statement by Christopher Waller.Sell the BTC/USD pair and set a take-profit at 37,000. ![]()
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